Congressional Republicans on Sunday pummeled President Obama’s plan to increase taxes on America’s highest wage earners, dismissing the proposal as not serious and a “non-starter.”
The plan was released late Saturday by the White House and attempts to increase taxes on the top earners and others to pay for cuts for the middle class.
The president is scheduled to further explain the plan on Tuesday night in his State of the Union address.
"The notion … that in order for some people to do better, someone has to do worse is just not true,” Florida GOP Sen. Marco Rubio told CBS’ “Face the Nation.” “Raising taxes on people that are successful is not going to make people that are struggling more successful. … It would also be counter-productive."
Among the other Obama proposals are increasing the investment tax rate, eliminating a tax break on inheritances, giving a tax credit to working families and expanding the child care tax credit -- in total roughly $320 billion in tax hikes over the next 10 years.
The president also wants to impose a financial fee on some of the country’s largest financial firms. His full fiscal 2016 budget is scheduled to be released to the GOP-led Congress next month.
However, the centerpiece of the proposal is to increase to 28 percent the capital gains and dividends rate on couples making more than $500,000 a year. The top capital gains rate has already been raised from 15 percent to 23.8 percent during Obama's presidency.Read the rest of the story HERE.
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